Affording a House in Manchester Paul Beardmore Director of Housing Manchester City Council Paul Beardmore
Introduction and context • Manchester Strategy 2016 -2025 • Manchester Residential Growth Strategy • Action Plan and policy development Affordable Housing Paul Beardmore Slide 2
A changing city • Population and economic growth set to continue • Primarily driven by job opportunities • New homes required to support growth across a range of household incomes Affordable Housing Paul Beardmore Slide 3
Government direction • Home ownership is the central plank to governments housing policy direction • Emphasis on ‘Starter Homes’ • Current and emerging policy changes will change the affordable and social housing sector • Manchester can be more creative so public subsidy represents greater Vf. M Affordable Housing Paul Beardmore Slide 4
Rethinking affordability • Definition of affordable housing is often confusing and misinterpreted • S 106 has been very limited in delivery of affordable homes • Opportunity to design our approach to support our economic ambitions • Greater correlation between income and housing cost Affordable Housing Paul Beardmore Slide 5
Guiding principles • No more than 1/3 rd of household income should be spent on housing costs - Household income = all income, earned and unearned Housing costs = rent/mortgage costs only • Residents should have a range of choices between house, tenure and area • We should make the best use of our existing social housing stock Affordable Housing Paul Beardmore Slide 6
Average income in Manchester • Average household income of £ 27. 5 k – includes all earned and non-earned income Affordable Housing Paul Beardmore Slide 7
Sales within ‘affordable’ range Affordable Housing Paul Beardmore Slide 8
Sales affordability Affordable Housing Paul Beardmore Slide 9
Rents within ‘affordable’ range Affordable Housing Paul Beardmore Slide 10
Rental affordability Affordable Housing Paul Beardmore Slide 11
Manchester household income v affordability Affordable Housing Paul Beardmore Slide 12
Key issue – housing access • However, access to housing is restrained by deposit requirements for purchase and rent • Practicalities of saving a deposit restraining First Time Buyers (FTB) • Average of FTB – 37. Recent reports indicate Help to Buy is bringing this closer to 31 • Demand for social and affordable rented housing remains high Affordable Housing Paul Beardmore Slide 13
Purchase and Income requirements Affordable Housing Paul Beardmore Slide 14
Housing Strategy • Build more homes, - Manchester Place, Matrix Homes • Remove barriers to getting a home - Mortgage deposits - Tenancy deposits - Manchester Move • Manage our existing stock - Market rented - Social rented stock Affordable Housing Paul Beardmore Slide 15
Conclusion • Governments direction on affordable housing doesn't work very well for us • The market is building a large proportion of housing that is affordable to a lot of people • The issue is access to housing - deposits and mortgages. • Choices will be constrained by cost, location and type. • MCC will use it influence, investment capability and asset base to promote housing that is affordable Affordable Housing Paul Beardmore Slide 16
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